The Federal Energy Regulatory Commission on May 5 approved the acquisition by NRG Yield Inc. of certain power plants interests of Invenergy Wind LLC.
On March 18, Spring Canyon Energy II LLC, Spring Canyon Energy III LLC, Spring Canyon Interconnection LLC and NRG Yield Operating LLC requested authorization for a transaction in which NRG Yield Operating will acquire from Invenergy Wind Global LLC 90.1% of the ownership interests in Spring Canyon Expansion Class B Holdings LLC.
- Spring Canyon II owns and operates a 34-MW wind project located in Logan County, Colorado. Spring Canyon II has entered into a long term power sale agreement pursuant to which it sells all of the power produced by the Spring Canyon II Project to the Platte River Power Authority (PRPA) under its market-based rate authorization. The Spring Canyon II Project is interconnected with the transmission system owned by Public Service Co. of Colorado (PSCo).
- Spring Canyon III owns and operates wind facilities of approximately of 28 MW that are located in Logan County, Colorado. Spring Canyon III has entered into a long term power sale agreement pursuant to which it sells all of the power produced by the Spring Canyon III Project to PRPA under its market-based rate authorization.The Spring Canyon III Project is interconnected with the transmission system owned by PSCo.
Applicants stated that Spring Canyon II and Spring Canyon III have entered into a co-tenancy agreement with Spring Canyon Energy LLC (Spring Canyon I), which contains details as to the joint use and/or ownership by Spring Canyon I, Spring Canyon II, and Spring Canyon III of certain shared interconnection facilities that they need and use to interconnect their respective power projects to the PSCo transmission system.
The Spring Canyon applicants are indirect, wholly-owned subsidiaries of Spring Canyon Expansion Holdings LLC (SCE Holdings), whose controlling interests are in turn owned by Class B Holdings. Class B Holdings is directly and solely owned by Invenergy Wind Global. Invenergy Wind LLC indirectly holds 100% of the ownership interests in Invenergy Wind Global. Invenergy Wind is an indirect, partially owned subsidiary of Invenergy Investment Co. LLC. Through subsidiaries, Invenergy Investment, Invenergy Wind and Invenergy Wind Global are in the business of acquiring or developing, and owning and operating, electric generation facilities and associated interconnection transmission facilities in the United States and abroad.
NRG Yield Operating is a company through which NRG Yield Inc. holds interests in various contracted renewable and conventional generation and thermal infrastructure assets in the United States. All of NRG Yield Operating’s membership interests are owned by NRG Yield LLC. NRG Energy (NYSE: NRG) owns 100% of the Class B membership units of NRG Yield LLC, which currently represents 55.3% of the economic interests in that entity.